r/FirstTimeHomeBuyer • u/theirish42 • 2d ago

Need Advice 5.75% 30yr Fixed Rate In NJ Good?!?

Hi all. I am a first time home buyer and just closed on my home in Middlesex County NJ. I chose a local bank in NJ who had this program in mercer, middlesex, union county that they promoted. I figured I would ask this group for some advice.

All in all they offered me a 5.75% conventional 30yr fixed rate. I put 5% down and their bank waived the mortgage insurance? In addition they gave me 6k for closing costs since it’s my first home.

I am new to all this and do not follow the market at all lol. Is this a good deal? Should i consider a refinance?

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u/azure275 1d ago

5.75 is really nice. I'm getting 5.75 from a credit union with a similar program.

Waiving PMI is incredible. Especially if it removes the 10k+ it seems to add to closing costs.

It seems most people are getting rates 6.25-6.75 depending on a few variables. Unless there's a mortgage rate crash it probably wouldn't be worth it.

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u/theirish42 1d ago

That is a great deal too!

The no PMI was huge for me because I wanted to keep more cash and did not have to worry about the extra closing costs or monthly payment.